Vietnam has officially embarked on a significant journey towards regulating its digital asset landscape, opening the application window for operating crypto trading platforms. This move marks the operational commencement of the nation's long-anticipated pilot program for a supervised cryptocurrency market, signaling a new era for digital finance in the Southeast Asian country.
A New Era for Digital Assets in Vietnam
The State Securities Commission (SSC) of Vietnam has initiated the licensing process, following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance. While the formal acceptance of applications for these procedures will begin on January 20, 2026, the current opening of the window allows entities to prepare their submissions. This regulatory development aligns with Vietnam’s Digital Technology Industry Law, which came into effect on January 1, 202X, providing the first statutory definitions for digital and crypto assets. Crucially, while Vietnam acknowledges crypto assets as property, it explicitly prohibits their use as legal tender or a means of payment, maintaining strict controls over their utility within the economy.
Institutional Eagerness Meets Rigorous Standards
Despite initial hesitations reported in October 2025—attributed to high capital requirements and stringent eligibility criteria—a notable shift in interest has emerged. Approximately ten prominent Vietnamese securities firms and banks have publicly expressed their readiness and plans to participate in the licensed crypto market. This group includes major players such as SSI Securities (through its SSI Digital unit), VIX Securities (with its VIXEX digital asset exchange unit), and significant banks like Military Bank, Techcombank, and VPBank. These institutions are actively preparing their applications, though no licenses have yet been issued under the pilot regime, which launched on September 9, 2025. The program imposes demanding conditions, requiring applicants to be Vietnamese entities with a minimum paid-up capital of 10 trillion dong (approximately $380 million), with at least 65% owned by institutional shareholders, and foreign ownership capped at 49%. Furthermore, the issuance of fiat-backed or securities-backed assets is explicitly prohibited, underscoring Vietnam's cautious and controlled approach to integrating digital assets into its financial system.
